CERE - Cerevel Therapeutics announces stock convertible notes offering
- Cerevel Therapeutics ( NASDAQ: CERE ) has launched an underwritten public offering of $250M of shares of its common stock.
- Terms of the offering are yet to be determined,
- Underwriters may be granted a 30-day option to purchase up to an additional $37.5M of common shares.
- Concurrent with the stock offering, the firm is issuing $250M aggregate principal amount of its convertible senior notes due 2027. Initial purchasers of the notes will be granted a 13-day option to purchase up to an additional $37.5M aggregate principal amount of the notes.
- Cerevel ( CERE ) plans to use the net proceeds from the stock and notes offering: (i) to support the continued development of emraclidine, including to accelerate registration-enabling activities; (ii) to evaluate the potential of emraclidine in other populations, including Alzheimer’s disease psychosis; (iii) to accelerate market development and pre-commercial planning activities for emraclidine and tavapadon; (iv) to advance the remainder of the programs in its pipeline, including darigabat, and its other promising earlier-stage programs, including CVL-354, its selective KORA; and (v) for working capital and other general corporate purposes, including to extend its cash runway.
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Cerevel Therapeutics announces stock, convertible notes offering